Alaska Promissory Note

A secured or unsecured loan note with installment or lump-sum repayment, interest within your state's legal limit, late fees and default terms.

Free to fill & preview · $19 for the clean PDF + Word

This preview updates as you type. Blank fields show as ____ .

Alaska rules that this document follows

Maximum interest (private loans)10.5% per year — Loans of $25,000 or less: max 5 percentage points above the 12th District Federal Reserve discount rate on the contract date; loans over $25,000: no limit (any rate agreed in writing)Source: Alaska Stat. § 45.45.010(b)
Legal rate when none is stated10.5%Source: Alaska Stat. § 45.45.010(a)
Late feesNo statutory cap on late fees for private (non-consumer-lender) loans; fee must be a reasonable liquidated-damages estimate and, together with interest, must not push the effective rate above the usury ceiling
Time to sue on a written note3 yearsSource: Alaska Stat. § 09.10.053 (contracts, 3 years); § 45.03.118 (negotiable notes, 6 years)
Notarization / witnessesNot required (optional for evidentiary value)

Rules current as of 2026-09-07. Statutes change; verify before relying on them.

How to use this Promissory Note in Alaska

Keep the interest rate at or below the Alaska ceiling shown above; a usurious note can cost the lender all interest and more. For loans between family members, the IRS applicable federal rate (AFR) is the minimum to avoid imputed-gift issues on loans above $10,000.

Sign one original; the lender keeps it and the borrower keeps a copy. When the note is paid, the lender should mark it 'PAID IN FULL' and return it.

Frequently asked questions

What is the maximum interest rate I can charge in Alaska?

10.5% per year for a private written loan (Alaska Stat. § 45.45.010(b)). Loans of $25,000 or less: max 5 percentage points above the 12th District Federal Reserve discount rate on the contract date; loans over $25,000: no limit (any rate agreed in writing)

Does a promissory note need a notary or witnesses?

No. A note signed by the borrower is enforceable in Alaska. Notarizing is optional; for a secured loan, file a UCC-1 or note the lien on the vehicle title to protect the lender.

How long can the lender sue on an unpaid note?

3 years from default (Alaska Stat. § 09.10.053 (contracts, 3 years); § 45.03.118 (negotiable notes, 6 years)).

Related documents

Other states

FormsByState provides self-help document templates and general information, not legal advice. We are not a law firm. For advice about your situation consult a licensed attorney in your state.